Refer to Table 8-30. Based on the table above, what is personal income for this economy?
A) $1,950 billion B) $2,030 billion C) $2,450 billion D) $5,130 billion
B
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A local restaurant sells strawberry pie for $3.00 per slice. However, if you order the prime rib dinner, you can get a slice of pie for only a dollar. This is an example of
A) bundling. B) second-degree price discrimination. C) a two-part tariff. D) tying. E) none of the above
What is the newest money supply tool available to the Fed?
a. the reserve requirement ratio b. the discount rate c. the interest rate on reserves held at the Fed d. open market operations
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) perfectly inelastic. B) relatively inelastic. C) perfectly elastic. D) relatively elastic.
For a monopolistically competitive market, the number of firms in the market implies that
A) each firm faces a perfectly elastic demand. B) all firms will make losses. C) each firm acts independently of other firms. D) firms will collude to set monopoly price and output.